- 14 -
therefore reject petitioner’s claimed casualty loss deduction.
B. Interest and Real Estate Taxes
Section 163(h) denies deductions for personal interest paid
or accrued during the taxable year unless it fits within certain
narrowly prescribed categories. Section 163(h)(2)(D), one of
those prescribed categories, allows a deduction for interest on a
qualified residence. Petitioner submitted Forms 1098, Mortgage
Interest Statement, to the Court for two personal residences,
claiming only one-half of the reported interest as he jointly
owns the properties with another individual. Because his
testimony was consistent with the submitted Forms 1098, we allow
the deduction for interest. We also allow the real estate taxes
claimed with regard to the same properties.
C. Charitable Contributions
The next issue for decision concerns petitioner’s claimed
deduction for charitable contributions, which respondent
disallowed for lack of substantiation. Petitioner testified that
the claimed contributions were “donations for AIDS, * * *,
support for scholastic issues”, which were collected by
individuals going “door-to-door”. Section 170(a)(1) provides
that a charitable deduction is allowed “only if verified under
regulations prescribed by the Secretary.” For contributions by
10(...continued)
suffered, and (d) the value of the property after the
repairs does not as a result of the repairs exceed the
value of the property immediately before the casualty.
Petitioner has also failed to prove those requirements.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011